i am here to know the tips from senior traders. what kind of suggestions and tips for the newbie to start forex??
Keep it simple, biggest mistake from what have recently seen here by newbies is that they are over complicating there approach to trading. Even worse is over complicating without even knowing what your doing. Learn small bites of information at a time. Unfortunately most aspects of trading are all interlinked, and finding yourself in a learning loop is usually the hardest starting point to overcome.
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Demo to learn the basics then start small.
Understand that Over-Trading is a real thing, and usually destroys most traders. Imagine you are hunting and you only have 5 bullets in the chamber, you would be more cautious than if you had an unlimited number of bullets.
My suggestion or advice would be to set a goal for maximum number of trades each day and week, and then never go over that number. In fact set the goal, cut it in half, and try to trade it. This will help you to stay away from the ultimate losing trap. Overtrading.
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Overtrading is a problem?
Iām finding it hard to even place two trades a week at the moment :S
My goal is to try and place 3 trades a week!
Well MCharles you are much better off than I was as a new trader <thumbs up!>
Always test your strategies with a demo and you need at least 2 - 3 months of experience on demos before you move on to real money.
learn to balance emotions, beign in alpha state is good in small dosis but as any drug it is realy bad when is too large, being anxious is bad too, so learn how to be in between. Yes it is about psicological selfcontrol but is not as simple as most think. You must trade detached from fear but you have to accept emotions will come and go, most traders who think they are in the zone in fact they are too emotional detached and fall in denial. Yes loses are normal and must be accepted as part of the game but to many loses and you are not feeling at least frustrated is really bad, you are in denial. Finally you explode, that is when you must perform, the āzoneā is not reached but after suffering a though trauma. The key is not controling emotions (cause is impossible) but to balance them. Hear your body, your brain, if you are angry, depressed, euphoric and so on, they are symthoms, just like when head aches, stomach feels weird and so on. Who understands this crazy traders anyway?
Do not risk what you can not afford.
many traders will lose all the money in their last deal.
Most in their only deal.
For starters, head over to pipsology and review the lessons listed there. Apart from that, you may want to start off with a demo account and keep it simpleā¦do not depend too much on indicators aloneā¦
Taohai i watched a trading documentary the other day called Floored. one trader said You are only as good as your last trade.
Your comment reminded me of this helpful quote.
Ya, I agree, very well said dear.
People are really making money from forex and as a newbie your first step should be to learn fundamentals of the trade from books and this forum and other material available online.
Once you have done that study charts and prepare tham and form your own strategies on basis of what you have learnt. Also practice few months on demo accounts to have a fair idea of what trading is like and learn different techniques of trading and once you think you are ready and just go for it.Definately you will make money too.
A new trader should spend more time to know each and everything about forex trading, after this should practice with demo account, after gaining sufficient confidence should move to real account.
iām gonna buck the trend here and say something controversial (but something i know a few others agree with):
DO NOT DEMO TRADE
GO LIVE AS SOON AS YOU CAN
sure, open up a demo account for a week or two so that you learn what the various buttons do, how to open extra charts, how to move around, how to open / close / combine positions, etc. but thatās it! no more. sure, place a trade to see how to then close it (can you hedge & combine positions? can you merge long & short to be fully closed?), but donāt practice more than an ounce.
open up a LIVE account - as small as you are comfortable with - and place live trades, again as small as you can reasonably manage. when trading LIVE you get a significantly different exposure and lesson, something that demo will NEVER teach you simply because it isnāt live.
demo accounts are usually run by different servers, so execution time is usually MUCH MUCH faster (cuz itās all fake), itās running in ādemoā so you may feel buffered from the market and itās roar, and most of all there are NO EMOTIONS in demo. itās not real money. itās fake money. losing a fake $500 bill is nothing. reset and play again. losing a real $500 bill - heck, even a real $20 bill - is much more personal and prone to toss you into a panic.
you ever play shooting games? pretty easy and ācomfortableā to pull the trigger on the guns (just press the left mouse button!!!) and watch bullets fly. ever gone to a range and have someone hand you a 9mm Glock or Beretta? how does THAT feel when you start to squeeze the trigger compared to the ādemoā mode of video games? step it up to Halo using a shotgun, and then head to the range and fire off a dozen slugs on a real 12 gauge.
yeah, nowhere NEAR the sameā¦
I agree 100% with this. Just start small on a live account and you will learn so much more.
I am agree with this too. Demos are only to learn to use the platform and to get familiarized a little with the broker.
Regards.
the worst u can do for yourself is start learning how to trade with indicators.
Get rid of it, learn and understand how the market moves. Indicators are for advanced traders.
Most important is money management. You can read about it but the final one that you use will depend on your psychology as a trader, so you have to write your own Money management chart.
Finally, if you are not getting it right, always remember the problem is you and not whomever is teaching you or the market.
good luck.
So are you saying we need to manage to put all our money in the market? Ok let me go take a huge high interest loan out on my house. Should I buy or sell. Oh hell who cares buy buy buy. Corss fingers and hope for the best.